BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank of India is the central bank of the country.

Detailed explanation-2: -Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, to sustain monetary stability in India, to operate the currency, and maintain the country’s credit system.

Detailed explanation-3: -Despite its name, it is not the central bank of India; The Indian central bank is the Reserve Bank of India.

Detailed explanation-4: -History of the Bank The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly ‘Swadeshi Bank’.

Detailed explanation-5: -The U.S. Federal Reserve is one of the most powerful central banks in the world. The European Central Bank oversees the policies of the eurozone. Other notable central banks include the Bank of England, the Bank of Japan, the Swiss National Bank, the Bank of Canada, and the Reserve Banks of Australia and New Zealand.